Disadvantages: There aren't any disadvantages On the contrary by not filing your return in spite of having taxable income; you will be laying yourself open to the penal and prosecution provisions under the Income Tax Law.
The due dates and the percentage of instalments of Advance Tax for assessee other than Companies are as below-
|Due Date of instalments||Amount payable|
|1st on or before 15th June.||Amount not less than 15% of such advance tax.|
|2nd on or before 15th September||Amount not less than 45% of such advance tax.|
|3rd on or before 15th December.||Amount not less than 75% of such advance tax.|
|4th on or before 15th March.||Entire balance amount of such advance tax.|